StartX management team, L-R: Divya Nag, founder and CEO Cameron Teitelman, and John Melas-Kyriazi (Stanford University/StartX)
Stanford University and its hospital system, with the business accelerator program StartX, unveiled a three-year, $3.6 million fund to support early-stage enterprises started by Stanford-affiliated entrepreneurs. StartX is a training and mentoring program for founders of new companies with a connection to Stanford including students, faculty, postdocs, and alumni.
StartX, a not-for-profit organization, connects new business founders with peers and mentors in a structured program that helps new entrepreneurs get their companies off the ground. StartX also provides basic infrastructure services, such as office space, legal services, and banking. The organization takes no equity stake in participating companies.
The grant money is expected to grow StartX’s training activities for new enterprises across a range of technologies, but the university’s announcement of the fund underscored a particular commitment to StartX Med, a division of the organization that supports medical and biotechnology entrepreneurs.
StartX Med offers a special six-month variation of the basic accelerator training for health care computing, medical device, imaging, diagnostics, biotechnology, and biopharmaceutical start-ups. Its program tackles matters of concern to life sciences companies, such as Small Business Innovation Grants, navigating FDA and HIPAA requirements, and intellectual property issues.
StartX says as of this month, 136 companies graduated from its program since the organization began in 2009, each raising on average $1.8 million in capital. Of those companies, 10 were acquired, 7 in the past year alone. In August 2012, StartX received an $800,000 grant from the Ewing Marion Kauffman Foundation in Kansas City to expand its operations across the U.S.
Read more:
- Accelerator Offers Mobile Medical App Regulatory Guide
- Investment Fund to Support Canadian Quantum Technologies
- Janssen R&D Opens Lab Space to Individual Entrepreneurs
- MIT Entrepreneurial Center Awards Technology Grants
- Kauffman Helping Stanford Student Accelerator Go National
Hat tip: MedCity News
Updated with new image, 10 September 2013
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